According to Registered Tax Agent Farokh Batliwala of Bartly Pty Ltd in Panania, you will be able to claim a higher rate of $0.80c/h for working from home between July 1, 2020 and June 30, 2021, for heating, cooling, lighting, phone, internet, computer consumables and stationery plus depreciation for computers, laptops and IPADs.
“Two or more people living in the same house can each claim $0.80c/h for working from home, however timesheets and diary records will be required for the number of hours worked,” he said.
“Normal substantiation rules and rate of $0.52c/h will be still available for working from home if you choose to do so.
“If you received JobSeeker or JobKeeper wage subsidy, then that would be included in your tax return as assessable income.”
For business tax returns: The cash flow boost received is business income but tax free; the JobKeeper received is also business income but taxable; and if you employed an apprentice as at March 1, 2020, your business could be eligible for the wage subsidy equal to 50 per cent of the apprentice wages.
Your business could also write off up to $150,000 for an eligible asset purchased up to December 31, 2020, and temporary full expensing of assets is available if purchased after October 6, 2020, to June 30, 2022.
The NSW Govt Small Business Grant of $10,000 is also taxable business income and they have recently announced a new grant of up to $10,000.
“At Bartly, we invest time to understand our client’s situation in order to provide targeted advice,” Farokh said.
“We visit clients’ businesses or homes during or after hours so you feel relaxed in your own environment.
“The pandemic has changed the way we work and so it is important that you are across all the financial support available and benefit from it.”
Call Farokh on 0407 280 898 to make a booking.
